Freakonomics

Dodd Proposes Super-Regulator

Chairman's bank plan opposite of Obama's.

More people seem to disagree with Barack Obama, and now Christopher Dodd is proposing an economic plan that was already rejected by the administration. Dodd, the chairman of the Senate Banking Committee, spoke Friday of upcoming legislation proposing to merge four bank agencies—the Federal Reserve, the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, and the Comptroller of the Currency—into one large “super-regulator.” Dodd told The New York Times that the goal of the legislation is to “restore consumers’ confidence in the nation’s banking system, while not hampering business.” “Super-regulator” title aside, the president is seeking a plan with greater regulation than Dodd’s and is said to be pushing for the creation of a national bank supervisor position and streamlined Fed oversight of large firms and economic risk.